Written by Gary
US stock market indexes close higher (SPY +0.5%). Session ended with Nasdaq higher for 8th straight day and an economy worse than seen during the Great Recession.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Bonds, Bullion, & Big-Tech Bounce As Headline-Hockey Hits The DollarBonds, Bullion, & Big-Tech Bounce As Headline-Hockey Hits The Dollar Tyler Durden Tue, 06/23/2020 – 16:01 Quite a day… Navarro dump – US-China trade deal “is over” Trump pump – US-China trade deal “fully in tact” Kudlow pump – “absolutely, definitely” no second lockdown due to virus Fauci slump – “disturbing surge” in infections Fauci pump – “promising” vaccine is imminent Which of course ended with Nasdaq higher (for 8th straight day – longest streak since Dec – and up 19 of the last 22 days)…NOTE how the Nasdaq was instantly bid and Small Caps dumped at the cash open… |
| One Gen Z’er Dares To Speak Out: “I’m Done With Your Bull$hit!”One Gen Z’er Dares To Speak Out: “I’m Done With Your Bull$hit!” Tyler Durden Tue, 06/23/2020 – 15:45 “Everything” summed up in less than one minute…
How long before this brave Gen Z’er is #cancelled? |
| Default Wave Arrives: Weekly Bankruptcy Filings Suddenly Soar Most In 11 YearsDefault Wave Arrives: Weekly Bankruptcy Filings Suddenly Soar Most In 11 Years Tyler Durden Tue, 06/23/2020 – 15:30 One month ago, when looking at the recent flurry of chapter 11 filings and a striking correlation between the unemployment rate and loan delinquencies, we said that a “biblical” wave of bankruptcies is about to flood the US economy. |
| Curing COVID-19 Won’t Cure The EconomyCuring COVID-19 Won’t Cure The Economy Tyler Durden Tue, 06/23/2020 – 15:15 Via SchiffGold.com, We have been making the case for weeks that we aren’t heading for a quick recovery. We’ve reported on the number of people of small business owners who don’t think they’ll survive, the increasing number of over-leveraged zombie companies, and the tsunami of defaults and bankruptcies on the horizon. Yes, we have seen some economic numbers that are better than expected, but it’s all a function of a Federal Reserve-induced sugar high. The ugly truth is that given the amount of stimulus that the Federal Reserve and the US government have pumped into the economy, unwinding it all will be mission impossible. All of t … |
| Mukesh Ambani could soon be closing in on another mega dealMukesh Ambani could soon be closing in on another mega dealRIL said it is working to complete the contours of a strategic partnership with Saudi Aramco. |
| CEA explains why ‘boycott China’ won’t workCEA explains why ‘boycott China’ won’t work”India has to compete with other countries and insulating itself from others will not help,” Subramanian said. |
| H1B ban: A blessing in disguise for IT cos?H1B ban: A blessing in disguise for IT cos?The move is expected to benefit the offshoring industry with US firms moving more work here, analysts said. |
| 23 June 2020 New York Fed Weekly Economic Index (WEI): Index Improved But Remains At Recession LevelsWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) improved but continues to show an economy that is significantly worse than seen during the Great Recession.
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| Bond Report: Treasury yields hold ground as bond market absorbs sale of record $46 billion of 2-year notesU.S. Treasury yields stood their ground on Tuesday after traders took down a record large auction for short-dated maturities. |
| The Ratings Game: Micron enthusiasm cools as coronavirus memory-chip demand boost not expected to lastMicron Technology Inc. is proving to be a key measurement of how COVID-19 is rippling through the cloud as several memory-chip watchers are forecasting that the rush to reinforce a shelter-in-place digital infrastructure may have oversupplied the market. |
| Personal Finance Daily: The CARES Act could keep poverty rates at pre-pandemic levels and scientists estimate the speed and distance of coronavirus transmissionTuesday’s top personal finance stories |
Summary of Economic Releases this Week
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